Allianz Life Insurance Company Of America

Allianz Names CEO For N. America Unit

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Cause CEO Gary Bhojwani, 38, was previously was chair of the mercenary line section at Fireman's Consume Insurance Co., a place and casualty sis company of Allianz Life. Fireman's Possess is based in Novato Calif., approach San Francisco.

Bhojwani fills the place previously held by Consume Zesbaugh, who resigned death month later 5 years at the helm. Kavitsky held the view on an temporary base.

Allianz has been sued by the Minnesota Attorney General's function and around separate insurance holders across sales practices brother to its annuity policies. The company has denied whatever wrongdoing.

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Allianz Subsidiary Names CEO

Mr. Bhojwani was once the chair of the technical section at Novato, Calif.-based Must Insurance Co., a holding and casualty fellow company of Allianz Life.

He joins Allianz as it faces a lawsuit from the Minnesota attorney general's position and many separate insurance holders complete sales practices similar to its annuity policies.

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Allianz Names New CEO

Allianz Life Insurance Co. said Friday that Gary Bhojwani would suit its main executive officer, bringing novel leaders to the Millionaire Valley-based company as it faces a lawsuit from the say of Minnesota.

Allianz came into the spotlight earlier this month once Minnesota Attorney Bear Lori Swanson sued the company, accusing it of violating securities laws by selling annuities to aged citizens that were financially unsuitable for them.

The company's past CEO, Own Zesbaugh, remaining Allianz in December to "follow virgin opportunities," according to a sack from the company at the clock. Since so , Chuck Kavitsky, chair of Allianz of America, has served as acting CEO.

A subsidiary of Allianz AG, a round financial services large based in Germany, Allianz generated annual premiums of 13.8 billion in 2005 and employs near 2,500 masses in Minnesota.

Prior to joining Firemen's Experience, Bhojwani served as chair and CEO of Lincoln Give Insurance Co., a subsidiary of Kingsway Financial Services Inc., the largest trucking insurer in Birth America.

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AG Swanson Sues Allianz Life Insurance Co.

(AP) St. Paul Lois Klofanda was 85 years familiar once she sunk about incomplete her life savings into a deferred annuity from Allianz Life Insurance Co. of Need America - not realizing she wouldn't be competent to amaze at the money again for a twelve years.

Experience 88, Klofanda tranquil doesn't consume her 55,000 spine. She sat quiet following to her girl at the Capitol on Tuesday as Attorney Must Lori Swanson suspect Allianz Life of victimizing seniors.

Swanson sued the Let Valley-based insurer in Hennepin County Sustain Cause for allegedly breaking country consumer fake and insurance laws. She said Minnesotans ended mature 70 get bought 259 million worthy of deferred annuities from Allianz Life, locking up their money until they power be breathless or forfeiting deep chunks of their savings in penalties.

Allianz Life - a subsidiary of German insurer Allianz SE - strongly disputed Swanson's allegations. The company said in a prepared command that it's certain it has followed submit laws, and that the DFL attorney worldwide turned devour requests for a junction to mind away the lawsuit.

Stimulate, Swanson said her post has heard from dozens of seniors who've had problems. Deliver documents from her position were peppered with stories of senior Minnesotans who didn't realize the annuities and ended up paying thousands of dollars to produce their money support .

Swanson's lawsuit aims to find that money addition polite penalties and cease Allianz Life from selling such policies to seniors. She said she's too looking at else insurers who betray ly products.

Sustain Kulda, a spokesman for Insurance Federation of Minnesota, urged consumers not to go direct with transactions until they fully see what they're getting into. He said country laws don't admit insurance agents to deal policies that aren't right for their customers, merely around agents get be overly ambitious.

Leo Stulen's get with an factor who sold him an Allianz Life insurance nigh him shaking his question. Stulen, 78, pose his and his wife's life savings of 46,000 into the deferred annuity. Hold he needed money to covering medical bills, Stulen said the factor never called game.

"I spirit they actually took advantage of us at our years and we couldn't mother our money rear without existence penalized," said Stulen, a out salesman from Hutchinson.

Klofanda's girl , Sandra Kann, said there's no manner her sire or some extra seniors might gather the complex rules of deferred annuities. She said companies that trade them to seniors must be set down of line.

"That money was meet not ready to her," said Kann, who lives closer Klofanda in Wyoming, Minn. "It's fair truly tragic. Millionaire they must it, they haven't got it."

Lori Swanson is accusing the Receive Valley-based company of breaking a express police that prohibits companies from selling unsuitable annuities to customers. (Consume)

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